Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

7126 Essington Drive Charlotte, NC 28270

3 Beds 3 Baths 2,053 sqft Built 1985

$364,500

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $177.55
  • 5 Days on Market
  • MLS # : 3680995
  • Updated Date : 11/13/2020 at 12:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,053 sqft
  • Baths : 2 full , 1 half
Listing Agent

Premier Sotheby's International Realty

Listing Agent's Description

Beautifully remodeled home set in a quiet neighborhood with large fenced in yard. Kitchen boasts Quartz countertop and large island, SS appliances, backsplash, light fixtures, hardware and freshly painted cabinets--all done in 2019. Large Master suite with His/Her closets with updated Master Bath with Quartz dual vanity, new tile, frameless shower door & toilets 2019. Guest Bath & Half Bath were refreshed in 2019 with Quartz countertops, faucets and tile. Do not miss the walk up attic that could be finished and is currently being used as a workshop. Hardwoods on main, along with sitting room with builtins make this home complete. Wood Burning fireplace in great room make this house a home. There is an oversized laundry room with side entrance and keypad entry. Deck off back of home make it great for grilling and was just recently stained. 2 HVAC units 2019, Newer roof 2017, entire interior house was painted 2019. Did I mention NO HOA? DO NOT MISS This One!*Showings start 11/13 @ 4pm

SEE MORE

MARKET HIGHLIGHTS

  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)
  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)

PRICE & RENT TRENDS

Neighborhood: Sardis Forest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $116k351k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Sardis Forest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441978

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Lansdowne Elementary School Primary Regular 643 41 5
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Lansdowne Elementary School

  • Education Level: Primary
  • # of students: 643
  • # of teachers: 41
5
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$328,050$400,950$364,500

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,345
Property Tax -$318
Property Insurance -$66
Property Management Fees -$162
CASH FLOW
-$90

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$364,500

PROJECTED PRICE

$1,800

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,343

INVESTMENT

$102,343

Down Payment
$91,125
Rehab Estimate
$5,750
Closing Costs
$5,468

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,345

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,125
Loan Amount $273,375
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$14,146

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,800

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,827

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,6003$1,6954$1,8005$1,925
$1,925
RENT COMPS ANALYSIS
  • 7126 Essington Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,053 Sqft ∙ Built 1985 3 beds 3 baths ∙ 2,053 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 522 Mountainview Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1978
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.88
    •  
  • 634 Furrow Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 1983
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.92
    •  
  • 8213 Oakley Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,988 Sqft ∙ Built 1980 4 beds 3 baths ∙ 1,988 Sqft ∙ Built 1980
    LEASED 05/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.85
    •  
  • 6150 Garamond Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 1996
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.91
    •  
PROPERTY LISTING DETAILS
Missy Mccoy
1.704.806.4955
Premier Sotheby's International Realty
BESbswy